Methodology

1. Get list of active wallets - all wallets that have made a transaction in the last 90 days
2. Calculate supply of UNI tokens - all UNI tokens on erc20_balances table in last 90 days
3. Define whale - any account where number of UNI tokens in account is more than 1% of UNI supply
4. Define retail as any account with less than 1% of UNI supply
5. Total balance of UNI tokens in Whale wallets vs Retail wallets

UNI Distribution for all Wallets

This graph is almost the exact opposite from the graph showing Active Wallets. Here, whales hold 83% of the total tokens. This tells us that while most of the active traders are retail, the majority token holders overall are Whales who do not actively trade.

In the pie chart above, we can see that over the last 90 days in active wallets, retail holds ~3/4 of the UNI tokens.

The count of active wallets chart above shows us that there are approximately 66.5k active wallets holding UNI tokens, the vast majority of these wallets are retail, and thus hold less than 1% of the total supply of UNI.

The above chart shows the distribution of UNI tokens held in active wallets between Whales and Retail. We can see that the amount held by retail has gone down slowly but steadily over time, while the amount held by whales has fluctuated a few times. This is likely due to whales being able to buy or sell large amounts at a time.

The above graph shows the percentage of total UNI held by Active wallets. We can see from this chart that the majority of UNI tokens are held by inactive wallets as only around 20% of the total Supply is held by the active users.

Now we will look at some of the same metrics across all wallets that hold the UNI token.

This chart reinforces the above conclusion, that whales hold the majority of tokens. Recently however, retail has been taking up a larger percent of the overall UNI tokens.

Conclusion

Among active wallets, smaller retail holders have control of the majority of the UNI tokens. When we zoom out and look at all wallets however, the opposite is true and we can see that Whales hold more tokens overall.